Low Income Apartments and Affordable Housing For Rent in Wise, VA

Discover affordable housing in Wise where there are 2+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Gilliam Court Apts

736 Gilliam St Ne, Wise, Virginia 24293

Commonwealth Street

603 COMMONWEALTH ST, Wise, Virginia 24293

calendar_today Opened: Oct 9
Open Until Further Notice

Reported On February 23rd, 2024 by Lorena Bentley

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Wise, Virginia
$17.14/hour
$5.14 (+43%) more than Virginia minimum wage and $9.89 (+136%) more than the Federal minimum wage.
Learn More About Wise, Virginia Affordable Housing ↓

What HUD offices serve Wise, Virginia?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing programs for Wise, Virginia.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Wise, Virginia.

Go to the Virginia Public Housing and Low-Income Apartments Waiting Lists page for openings near Wise.

How many renters live in Wise, Virginia?

The City of Wise has 2,962 people living in 1,397 households.

There are 1,069 renters living in 590 renter households in this City. Renters make up 36.09 percent of the population living in Wise.

What is the rental market like in Wise, Virginia?

There are an estimated 1,584 housing units in the Wise area. Of these, 630 units are rental homes, making up 40 percent of the housing market. For every renter household in Wise, Virginia, there are 1 rental units.

What is the vacancy rate for rentals in Wise?

The rental vacancy rate in Wise is 6 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Wise for each bedroom size?

Occupied Rental Units by Size in Wise
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 162 266 162 0
Occupied Rental Units by Size in Wise

A large number of apartments in Wise have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Wise are overburdened by housing costs?

Among renter households in this market, 39 percent have housing cost burden. Further, 20 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Wise

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $730 to $1,536. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $730
One BR $734
Two BR $905
Three BR $1,234
Four BR $1,536
2024 Fair Market Rents in Wise, Virginia

How many units are rented at Fair Market Rent (FMR) in Wise?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
One BR 142 88 percent
Two BR 223 84 percent
Rental Units Below FMR in Wise, Virginia

How many affordable rental units are in Wise?

There are a variety of federal affordable housing programs serving households in Wise, Virginia including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 26
Section 811 Supportive Housing for Persons with Disabilities 1
USDA Section 515 Rural Rental Housing 72
Tracked Units by Federal Program in Wise, Virginia

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Wise, Virginia

Wise features 72 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Wise, Virginia

There are 26 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Wise.

Housing Choice Vouchers in Wise, Virginia

On average, Section 8 Housing Choice vouchers pay Wise landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Wise.

The maximum amount a voucher would pay on behalf of a low-income tenant in Wise, Virginia for a two-bedroom apartment is between $815 and $996.

Sourced from federal housing data and AffordableHousingOnline.com research.